- Report: #54862
Report - Rebuttal - Arbitrate
Complaint Review: RBC Dain Rauscher
RBC Dain Rauscher60 South Sixth Street Minneapolis, Minnesota U.S.A.
RBC Dain Rauscher ripoff, bad investment advice, lose money, slime-ball, money grubbing brokers Minneapolis Minnesota
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Working there, all you ever heard was, "how much money will I make if I sell this to my client?" It is all about selling investments to gullible people to make a huge commission. Most people don't realize just how much money a broker and the firm makes when an investment is sold to an unsuspecting client. Depending on how a transaction is done, a $100,000 investment in a mutual fund can result in a $4000 commission to the rep and the firm! This amount of money is a powerful incentive to act against a client's best interests. And trust me, it happens every day.
There are many ways a broker can increase his income by selling you certain investments. Remember, in the end, it is the client that pays all the high fees. A 4.25% front-end load on a mutual fund means a 4% commission for the firm. I've seen a lot of people lose a lot of money due to this company's bad investment advice. I've seen many clients lose close to half their life savings! And I've also seen this company engage in behavior solely to generate high commissions. Working there, I heard a number of rumors as well about the company having to talk clients out of surrendering their investments because it would have led to huge commission chargebacks from outside investment managers.
STAY AWAY FROM RBC DAIN RAUSCHER! YOU WILL BE SORRY IF YOU INVEST WITH THIS COMPANY! TRUST ME. I KNOW!
St. Paul, Minnesota
This report was posted on Ripoff Report on 04/28/2003 07:41 PM and is a permanent record located here: http://www.ripoffreport.com/r/RBC-Dain-Rauscher/Minneapolis-Minnesota/RBC-Dain-Rauscher-ripoff-bad-investment-advice-lose-money-slime-ball-money-grubbing-br-54862. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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